Capital gain

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Sundar (Querist)
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20 June 2013 Dear All,
If an assessee has a capital gain in previous year on sale of property on the last day(i.e.31 Mar) and he has not invested in that year against sec 54. and paid tax on that.

I the following AY he invested the same money against Sec 54.

Then how can he claim and what is the procedure?

CA UMESH DULAL

CA UMESH DULAL (Expert)
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20 June 2013 In your case, if the capital gain is utilised before due date of filling of return, then he can claim exemption.

If he utilised the same before due date and return is filled on or before due date, then just revise the return and claim the tax paid as refund.

If the return is filled after due date, there is no recourse available.

Sundar

Sundar (Querist)
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20 June 2013 If return is filed before due date, and utilization is afterwards, then what is the option.

PLz!

CA UMESH DULAL

CA UMESH DULAL (Expert)
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20 June 2013 As per provisions the capital gain has to be deposited on capital gain deposit scheme on or before due date if he could not utilized the same before due date.

So in your situation he is not liable to claim exemption.

However there is a recent judgement (around one month old) where benefit of exemption is allowed even if capital gain is utilized after due date.

Just search for the judgement as I have read but not in my mind right now.

Sundar

Sundar (Querist)
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20 June 2013 Thanks sir, i am trying to get it, if you find anything related to so, plz share.

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